Abington Savings Bank reports earnings for first quarter ended March 31, 1995.ABINGTON Abington, township (1990 pop. 59,084), Montgomery co., SE Pa., a residential suburb of Philadelphia; settled 1696, inc. 1906. The site of combat during the Revolutionary War, Abington has abrasives and other light manufacturing industries. , Mass.--(BUSINESS WIRE)--April 18, 1995--Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABBK) today announced results for the first quarter ended March 31, 1995.
Net income for the quarter ended March 31, 1995 was $666,000 or $.34 per share compared to net income of $642,000 or $0.33 per share for the same period a year earlier. At March 31, 1995, assets totaled $417,273,000 compared to $421,833,000 at Dec. 31, 1994. Total outstanding net loans and deposits at March 31, 1995 were $232,757,000 and $244,688,000, respectively, compared with $235,439,000 and $246,843,000, respectively at Dec. 31, 1994. Stockholders' equity Stockholders' Equity
The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at March 31, 1995 was $29,557,000, reflecting a stockholders' equity to assets ratio of 7.1 percent. Book value per common share Book Value Per Common Share
A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly.
Formula: at March 31, 1995 was $15.76. At March 31, 1995, the bank's non-performing assets amounted to $6,166,000 compared to $6,674,000 at Dec. 31, 1994, reflecting a decrease of $508,000 or 7.6 percent.
Abington Savings Bank President and Chief Executive Officer James James, person in the Bible
James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship.
James, rivers, United States
James. P. McDonough McDonough is the name of several places in the United States:
An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability.
Notes: position in 1994.
McDonough also commented that he was pleased with the continued stability in the level of sustained earnings in light of the volatility in interest rates which occurred in 1994 and into 1995. In addition, the bank's focus on increasing levels of checking accounts as a source of fee income as well as enhancing the bank's net interest income will continue to remain a primary objective of management. As a result of the sustained earnings level which is evidenced by the continued payment of a quarterly cash dividend and the recently announced acquisition of a branch location in Holbrook, Mass. from Bank of Boston, management continues to be optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op about the future direction of this organization.
Abington Savings Bank is Massachusetts-chartered savings bank whose deposits are insured by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . In addition to its headquarters and loan center in Abington, the bank has five other branches in Halifax, Hull, Kingston, Pembroke and Whitman and a mortgage office in Barnstable Village, Mass.
Abington Savings Bank Operating Results (In thousands, except per share data)
Three Months Ended March 31, 1995 1994 (unaudited)
Interest and dividend income $7,671 $5,832 Net interest income 3,456 2,846 Provision for possible loan losses 150 160 Non-interest income 596 591 Non-interest expenses 2,830 2,403 Income before income taxes 1,072 874 Net income 666 642 Earnings per share $.34 $.33 Dividends per share $.10 $.10 Weighted average shares outstanding 1,954 1,940
Balance Sheet Data (In thousands, except per share data)
March 31, Dec. 31, 1995 1994 (unaudited)
Total assets $417,273 $421,833 Loans, net 232,757 235,439 Allowance for loan losses 2,602 2,845 Deposits 244,688 246,843 Stockholders' equity 29,557 28,366 Book value per share $15.76 $15.13 Shares outstanding 1,875 1,875
CONTACT: Abington Savings Bank
Edward J. Merritt, 617/982-3271